MANILA, Philippines — Conglomerate Aboitiz Equity Ventures Inc. saw its bottom-line improve in the first quarter, as earnings were lifted by its power generation and retail electricity supply segments.
In a disclosure sent to the Philippine Stock Exchange index on Friday, the company’s consolidated net income inched up 2% year-on-year to P4 billion from January to March.
Consolidated earnings before interest, tax, depreciation and amortization leapfrogged 38% year-on-year to P17.9 billion in the first quarter.
As it is, the company declared non-recurring losses of P593 million in the first quarter, accounting for forex losses. This was a reversal compared to the P742 million non-recurring gains in the same period in 2022.
“Our first quarter results are promising as the product of our team’s unwavering dedication and relentless innovation,” said Aboitiz Group president and CEO Sabin M. Aboitiz.
Earnings broken down showed its power segment, Aboitiz Power Corp., contributed P3.9 billion to the conglomerate’s earnings haul in the first quarter. This was higher by 161% on a yearly basis, accounting for 73% of the company’s total income figures.
That said, AboitizPower noted this surge in growth was fueled by its generation and retail electricity supply business. Energy sales across the residential, commercial, and industrial segments rose as demand resurfaced in the first quarter.
Its banking and financial services arm, anchored by Union Bank of the Philippines, contributed an P1.8 billion income, up 33% on-year, to its first quarter earnings haul.
AEV’s non-listed real estate business, Aboitiz Land, Inc. posted a consolidated net income of P127 million from January to March. This was retreated by 15% year-on-year, as revenues slid down 7% owing to construction-related delays.
Its infrastructure arm, Aboitiz InfraCapital, Inc. pitched in P375 million in the first quarter. The haul fattened by 108% on-year owing to the bright performance of its economic estates business.
Despite this, the infrastructure firm noted its airport business has yet to play a part in its bottom line.
Republic Cement & Building Materials, Inc. contributed a loss of P296 million to AEV in the first quarter. The loss came as demand for construction materials were anemic amid rising inflationary pressures.
Aboitiz’s food segment likewise pitched in a loss of P534 million in the first quarter amid expensive raw materials and muted demand.
Shares at AEV currently trade 1.38% down at P53.55 towards the close of weekly trading. — Ramon Royandoyan